On this day in 1856, a meeting at the George Hotel declared Richard Greene bankrupt and confirmed the collapse of his bank, Lichfield Bank in Market Street.
The bank had shut its doors on December 31 1855, much to the dismay of its many customers such as Lichfield Cathedral, the Conduit Lands Trust, the Staffordshire Yeomanry and most of the city’s gentry and tradesmen.
In the days when banks could print their own bank notes, as long as they were backed by larger banks, the Lichfield Bank was thrown into disarray when the London firm of Smith, Payne and Smith withdrew their credit facilities.
The bankruptcy meeting discovered that one of the bank’s longest-serving employee…
Read the full article at: http://www.lichfieldmercury.co.uk/on-this-day-owner-of-lichfield-bank-declared-bankrupt-loses-stowe-house-home/story-30056304-detail/story.html
